Peak Oil goes mainstream - Newsweek: CRUDE AWAKENING

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Crude Awakening

A prominent physicist warns in a new book that the world is running out of oil and we’re not doing anything to stave off the coming crisis

WEB EXCLUSIVE
By Brian Braiker
Newsweek
Updated: 3:47 p.m. ET Feb. 17, 2004

Remember 1973? If you do, there are plenty of reasons to wish you didn’t. Chief among them (right after leisure suits) would be the oil crisis that began in October. The Middle Eastern OPEC nations stopped exports to the United States and other Western nations just as stateside oil production was peaking. The artificial shortage that followed had devastating effects: The price of gas quadrupled in the United States, climbing from 25 cents to more than a dollar, in a matter of months. The American Automobile Association reported that in one isolated week up to 20 percent of the country’s gas stations had no fuel; in some places motorists were forced to wait in line for two to three hours to gas up. The number of homes built with gas heat dropped.

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The prediction that it will peak—that is to say the crisis will come when we reach a peak when half the oil has been used up—that prediction quantitatively is unquestionably true. But the quantitative question of when the peak will occur depends on extremely undependable numbers. The so-called proven oil reserves as reported by various countries and companies around the world are often just guesses and they’re often not even honest guesses. Among those who would analyze those figures, some have predicted that it will come as early as this year; others, within this decade. It could possibly be in the next decade. But I think that’s about as far as you can push it.

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We had a peak once before—it was in 1973. The production in North American had reached its peak in 1970 and was declining. Supplies were not available in North America and the Arab countries embargoed the oil; they shut down the pipeline. We had an immediate, instantaneous panic, mile-long lines at gas stations and fear for the future of our way of life. That was an artificial, temporary peak. And it’s just a slight foretaste of what will happen when we reach the real peak and supplies start to decline and continue to decline forever.

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http://www.msnbc.msn.com/id/4287300/